Cohousing-L Mailing List: Contract for Deed & other arrangements

[Rich (richminder]

A little over 50% of the construction of 21 homes at Delaware Street Commons in 
Lawrence Kansas is complete.  We expect to complete this 21 home phase of 
construction this spring.  We have pre-sold 9 of the 21 homes. We do not permit 
absentee landlords (even cohousers from other communities) to own homes at DSC. 
 

Our assumption has been that each new member of the community would obtain 
conventional mortgage financing or buy the homes outright.  

Our group is interested in identifying the problems and possibilities 
associated with entering into "contract for deed" arrangements with incoming 
home owners or possibly even existing members who plan to purchase homes.   

Have other cohousing developer communities used contract for deed as a way of 
financing homes?  What are the experiences?  What impetus led to the decision 
to use contract for deed? 

Rich Minder, Treasurer
Lawrence Cohousing Group, LC